The government has shown an increased commitment to fiscal discipline and structural reforms. Honduras'external buffers should withstand potential shocks, such as from the El Niño weather phenomenon, high energy prices, and increasing inflationary pressures. We affirmed our'BB-/B'sovereign credit ratings on Honduras. The outlook remains stable and balances the improved relationship between the government and the private sector, and the availability of external sources of funding, with implementation risks to the government's reform agenda. On Nov. 5, 2026, S&P Global Ratings affirmed the'BB-/B'long- and short-term sovereign credit ratings on Honduras. The outlook remains stable. The transfer and convertibility assessment remains at'BB-'. The stable outlook incorporates our view of lower political uncertainty after a change in
